Series 79: Covered Disclosures

Covered Disclosures

Regulation FD does not apply to every disclosure by anyone affiliated with a public company. To fall under Regulation FD, a communication must involve three basic elements:

• • The disclosure must be made by a senior official of the company, or an employee or agent who regularly communicates with investors and securities professionals, such as people employed in an investor relations or public relations capacity. Regulation FD does not cover disclosures by lower-level employees who do not regularly communicate with investors.
• • The disclosure must be made (1) to an analyst, broker-dealer, investment adviser, or